A lending loan is a loan in which you act as the lender, providing funds to a borrower who repays the loan on an amortized schedule. In Quicken, a lending loan is recorded as an asset because it represents money owed to you. Unlike liability loans, which track debt you owe, lending loans track funds you expect to receive over time. When you set up a lending loan, Quicken creates an asset account that includes a payoff schedule to manage payments and track outstanding balances. To establish a lending loan, you first create an asset account and then convert it into a loan. Once converted, you can enter loan terms such as interest rate, payment schedule, and loan duration. This ensures accurate tracking of principal payments, interest income, and remaining balance within Quicken.
To track a lending loan:
Select .
Select Other Assets & Liabilities, then Non-cash assets, any high value property.
Follow the dialog steps, setting the Asset Value for the amount of the loan.
In the final window of the Add Account dialog, when you are asked Is there a Loan on this asset?, select No.
Select the account you just created on the account bar.
On the right side of the screen, select (the Account Actions icon), and then choose Convert to a Lending Loan.
In the Convert This Asset to a Lending Loan dialog, click Convert. You will now need to follow the process for setting up a loan. For more information about setting up a loan see How do I set up a loan?
Quicken creates an asset account with a payoff schedule. You will need to enter all of the loan information.
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